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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 18, 2021 Sponsored by Bitcoin (BTC) -3.7% $37,883 Ether (ETH) -4.2% $2,333 (Price data as of June 18 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Bitcoin Remains Relatively Resilient Post-Fed as Fiat Currencies Drop Against DollarTechnician's Take: Bitcoin Bounce Falls Short at Resistance; Support at $30K-$34K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Richard Byworth, Eqonex CEO Asad J. Malik, Jadu CEO
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: NuCypher (NU): +6.78% Tezos (XTZ): +1.1% Losers: Polkadot (DOT): -7.5% The Graph (GRT): -6.5%Chainlink (LINK): -6.4%
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Omkar Godbole Bitcoin Remains Relatively Resilient Post-Fed as Fiat Currencies Drop Against Dollar Bitcoin is trading in familiar ranges even as the U.S. dollar gains ground in currency markets on the Federal Reserve’s interest-rate outlook.
While the top cryptocurrency has dropped 5% to $38,000 since Wednesday’s Fed rate decision, it remains locked in a multi-week range of $30,000 to $40,000, CoinDesk 20 data show.
In contrast, the dollar index, which tracks the greenback’s value against the euro, pound, yen, and other major currencies, rose above 92.00 early today, reaching the highest level since April, according to TradingView data. Gold and base metals have also taken a beating since Wednesday, pushing commodity currencies like the Australian dollar lower.
The U.S. dollar’s rally follows an unexpected hawkish tilt at the Fed. On Wednesday, the central bank brought forward projections for the first post-pandemic interest-rate hikes into 2023, challenging consensus for the weaker dollar for the rest of the year.
Bitcoin and dollar index chart (Source: TradingView) One possible explanation for bitcoin (BTC)‘s resilience could be that the cryptocurrency was relatively oversold while heading into the Fed event, as QCP Capital noted in its Telegram channel.
Prices fell from $58,000 to nearly $30,000 in mid-May after a reported surge in the U.S. consumer price index for April strengthened concerns the Fed may consider an early rate hike or reduction of liquidity-boosting asset purchases, or quantitive easing.
The cryptocurrency’s bull run ran out of steam in the March-April period, after the annualized growth rate of the U.S. M2 money supply peaked at 21.7% in February. The data show bitcoin was likely the first to take the hit on taper fears. U.S. money supply (M2) monthly growth rate (Source: Ycharts) “Bitcoin, considered by fiat-based institutional investors at the extreme end of the risk spectrum, thrives in quantitative easing (QE), irresponsible fiscal and monetary policy, and doesn’t quite like quantitative tightening (QT),” Messari’s Mira Christanto said in a blog post dated May 27. “Crypto investors no longer have the luxury to focus only on token dynamics but also need to follow global macro, equities, and credit markets to understand the direction of cross-asset flows.”
Bitcoin’s resilience could turn out to be short-lived if U.S. economic data continue to paint a positive picture for the economy, amplifying Fed-tightening expectations. That could bring more selling pressure from macro traders.
Read the original story here: Bitcoin Remains Relatively Resilient Post-Fed as Fiat Currencies Drop Against Dollar
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Technician's Take by Damanick Dantes, CMT Bitcoin Bounce Falls Short at Resistance; Support at $30K-$34K The relief rally from the June 8 low around $31,000 was short-lived as buyers struggled near $40,000 resistance this week. Bitcoin (BTC) is stuck in a month-long consolidation phase and could face downside pressure into the weekend.
The daily price chart shows a series of lower price highs since April, which suggests sellers are in control. Initial support is seen at $34,000 and then at $30,000, although upside appears limited given the downward sloping 50-day moving average.
Bitcoin was trading around $37,900 at press time and is down about 3% over the past 24-hours. Bitcoin daily chart shows support and resistance levels with RSI. (Source: TradingView) The consolidation phase lacks upside momentum, which, at this moment, does not confirm a decisive bottom in bitcoin.The relative strength index (RSI) on the daily chart is rising from an initial oversold reading on May 19. However, the weekly RSI is not yet oversold, which could keep sellers active towards lower support levels. Bitcoin’s long-term trend remains intact, although a significant loss of momentum over the past few months suggests an extended period of drawdowns similar to the previous bear market in 2018. Read the original story here: Bitcoin Bounce Falls Short at Resistance; Support at $30K-$34K
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BOLO Be on the look out for some of these upcoming events: No major data scheduled for today.
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Titan Token Crashes, Bitcoin Holds Support, VanEck ETF Application Review Extended "First Mover" dives into crypto markets news: Iron Finance's Titan Token falls to near zero. What caused that panic sell-off? Bitcoin, ether are holding their own following the Federal Reserve's decision to leave interest rates unchanged for now. Markets analyst Michele Schneider of MarketGauge Group joins the show to discuss. Also, CoinDesk's Nik De, with the latest regulatory news, and Mythical Games CEO John Linden on its $75 million raise to build a platform for game developers to bring NFTs into their fictional worlds.
Unlocked Encore! Now What Do I Do With $DESK?
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Running on the Rinkeby testnet, the token offers a way for people to play with the technology without the fear of losing their life savings or the inconvenience of high gas fees.
On Friday, June 18, Join Colin Platt, CEO of Unifty, the NFT infrastructure provider that built $DESK, and Bailey Reutzel, $DESK Piranha Mama herself, for this Unlocked interactive hour exploring all the things you can do with $DESK and your NFTs now that the conference is over.
Register free for Unlocked Encore! Now What Do I Do With $DESK? and stay tuned on $DESK's Telegram group for updates.
Latest Headlines Paying the IRON Price: Fractional Reserve Banking on a Blockchain Algorithmic stablecoins are recreating traditional banking. And Iron Finance is learning old lessons all over again. Want to Own a Piece of CNN’s News History? Of Course There’s an NFT for That The news giant is launching an NFT collection on the Flow blockchain, and buyers can pay with fiat.
Examine Blockchain for Ways to Stop Forced-Labor Goods, Australian Committee Says Blockchain could "empower" companies and governments to more "effectively" trace their supply chains, the Senate committee said.
Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at Over 3,000 ATMs The Industrial and Commerce Bank of China has become the first bank in the country to launch a feature, converting cash to the digital yuan.
Signature Bank Taps Tether Rival TrueUSD for Payments Platform Signet is a real-time payments platform built on the Ethereum blockchain.
We've launched on Snapchat. On our debut show, "CoinDesk Breaks It Down," we distill the noise around dogecoin, the energy debate and more. Follow for original content, twice weekly.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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